MTrading Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of MTrading in Singapore
MTrading is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
The MTrading brokerage company was founded in 2012 and provides international financial services. In its first eight years of operation, it has managed to open more than ten offices on four continents. The company has over 250,000 clients globally.
The company was founded in Saint Vincent and the Grenadines and is registered under registration no. 24275 IBC 2017. The broker also guarantees its clients’ deposit protection and insurance in the amount of up to 20,000 euros. Client funds are secured by an independent Financial Commission.
MTrading by the numbers:
-
1:1000 is the maximum leverage;
-
4 is the number of continents where MTrading offers its services;
-
$4 is the maximum amount of the trading fee;
-
8 years of providing quality services;
-
more than 10 offices located in different parts of the world;
-
100+ trading assets;
-
over 5,000 referral program participants from various countries;
-
20,000 euros is the maximum amount of insurance for each client’s deposit;
-
more than 250,000 satisfied clients worldwide.
Advantages of MTrading for trading in Singapore
Traders Union analysts conducted a detailed analysis of MTrading for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
narrow spreads from 0.1 pips;
large leverage of up to 1:1000;
several deposit and withdrawal options;
fast processing of orders;
more than 100 trading assets, including currency pairs, stocks, indexes, precious metals, and commodities;
high-quality education program for novice traders;
access to in-depth analytics and the latest news on the foreign exchange market;
the ability to use automated trading programs;
24-hour multilingual client support service;
providing clients with MT4, the proven trading platform;
author’s application for mobile trading;
availability of investment programs for passive trading;
client funds are reliably protected and insured up to a maximum of 20,000 euros.
Analysis of the Main Features of MTrading in Singapore
Traders Union analysts analyzed the key features of MTrading for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for MTrading traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of MTrading trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
MetaTrader 4, MT4 Multiterminal, MT4 Supreme Edition, MT4 Web Trader
|
---|---|
📊 Accounts: |
Demo, M.Premium, M.Pro
|
💰 Account currency: |
EUR, USD, and RUB
|
💵 Replenishment / Withdrawal: |
Visa, MasterCard; EPS: WebMoney, Qiwi, Skrill, Perfect Money, Neteller, AstroPay, Alfa-Bank, manual operation, NganLuong.vn, prepaid card, wire transfers
|
🚀 Minimum deposit: |
$100
|
⚖️ Leverage: |
From 1:25 to 1:1000
|
💼 PAMM-accounts: |
Yes
|
📈️ Min Order: |
0.01 lots
|
💱 Spread: |
From 0.0 pips
|
🔧 Instruments: |
Currency pairs, CFDs on stocks, indexes, commodities, energies, precious metals
|
💹 Margin Call / Stop Out: |
100% / 30%
|
🏛 Liquidity provider: |
-
|
📱 Mobile trading: |
The author’s MTrading app (Android)
|
➕ Affiliate program: |
Yes
|
📋 Orders execution: |
Market Execution
|
⭐ Trading features: |
Automatic trading; Web Trader; Investment programs for passive trading.
|
🎁 Contests and bonuses: |
Yes
|
MTrading Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by MTrading for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union experts examined MTrading for the presence of trading and non-trading fees. The broker’s spread is considered a trading fee, while an additional fee for withdrawing personal funds or depositing funds into the account is considered a non-trading fee.
Account type | Spread (minimum value) | Withdrawal commission |
M.Premium | $0 | No |
M.Pro | $4 | No |
TU experts also examined and compared MTrading broker trading fees to those of its competitors RoboForex and PocketOption. Broker trading fees were divided into three categories based on the results: low, medium, and high.
Expert Review of MTrading
MTrading has been providing financial services for 8 years, and during that time, over 250 thousand traders worldwide have become clients of this broker. Such indicators are signs of the reliability of the company and the quality of customer service.
The company’s priority is to provide equally favorable trading terms for both beginners and professionals. The company offers clients fast order processing, narrow spreads, and high leverage.
The company’s attitude towards users regardless of their level of experience was appreciated by clients from many countries. Throughout its history, the company has received hundreds of positive reviews. Traders frequently mention its fast order processing, the low trading fee, and the absence of additional fees for broker services. MTrading also provides traders with prompt assistance from a multilingual client support service.
Negative feedback about the broker is associated with a delay in transferring funds to the client’s user account. All issues and questions can be resolved through the broker’s client support service and managers who respond to user comments on problems and contentious issues concerning the broker’s activities. Plus, client support services are available 24 hours a day.
During its cooperation with the Traders Union, MTrading has proven itself as a reliable partner that always fulfills its obligations.
FAQs
Is MTrading legal in Singapore?
Yes. MTrading operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with MTrading? Does the broker offer courses for traders from Singapore?
Yes, MTrading offers good trading courses and a lot of educational information for clients from Singapore.
Can MTrading be trusted? Has the broker been operating in Singapore long?
MTrading has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with MTrading.
Is MTrading suitable for novice traders from Singapore?
Yes. MTrading offers optimal trading conditions and good education for beginners from Singapore.
How efficient is MTrading customer support in Singapore?
MTrading offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has MTrading had any incidents involving theft of funds of clients from Singapore?
No. MTrading provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if MTrading violates my rights?
Yes. If MTrading violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can MTrading clients from Singapore use the broker’s mobile app?
Yes. The mobile app of MTrading is available for the clients from Singapore.
Does MTrading provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by MTrading.
How can I withdraw funds from my account at MTrading in Singapore?
MTrading supports bank transfers and debit/credit cards of the banks operating in Singapore.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!